Illinois General Durable Power of Attorney Appointing Agent to Act For Principal Regarding All Property Matters
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How to fill out General Durable Power Of Attorney Appointing Agent To Act For Principal Regarding All Property Matters?
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FAQ
A Power Of Attorney Doesn't Address What Happens to Assets After Your Death. A power of attorney ends at your death, so it does not do anything to protect your wealth after you are gone or to facilitate the timely transfer of assets to loved ones.
You can give someone the legal authority to act for you with a document called a Power of Attorney. If you give a Power of Attorney, you are called the principal and the person you give it to is called the agent or the attorney-in-fact. Frequently Asked Questions About General Powers of Attorney lawhelp.org ? resource ? frequently-asked-q... lawhelp.org ? resource ? frequently-asked-q...
The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal. Power of Attorney: Rights and Limitations - Trust & Will trustandwill.com ? learn ? power-of-attorney-right... trustandwill.com ? learn ? power-of-attorney-right...
While the Illinois Power of Attorney Act allows a Principal to appoint co-Agents (that is, two or more people who act as Agent at the same time), the short-form, fill-in-the-blank powers of attorney found in the act do not allow for that, which are discussed more below. What Businesses Should Know About Illinois Powers of Attorney elrlaw.com ? businesses-know-illinois-powers-atto... elrlaw.com ? businesses-know-illinois-powers-atto...
If you gave your agent the power to conduct real estate transactions, you should also file a copy of your POA in the land records office (called the recorder of deeds in Illinois) in the county where you own real estate. Illinois Power of Attorney Laws - Nolo nolo.com ? legal-encyclopedia ? illinois-po... nolo.com ? legal-encyclopedia ? illinois-po...